Michael Reagan, a talk-radio host and son of former President Ronald Reagan, will chair the initiative drive for a part-time Legislature.

Reagan and Assemblywoman Shannon Grove will announce his chairmanship at a news conference today in Los Angeles, according to an e-mail by event organizers to reporters.

The measure would reduce the legislative year from nine months to three, cut lawmakers’ annual pay from $95,000 to $18,000, require legislators to adopt two-year state budgets, and bar officeholders from accepting state employment or appointment to a state post while serving in the Capitol or for five years afterward.

There is no way they will be able to raise enough campaign cash to secure the 807,615 valid voter signatures by July 2 to qualify for a statewide ballot.

California is too big a state to have a part-time legislature and $18,000 per year will mean only the wealthy would serve.